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Bridging the insurance gap

Life Insurance podcast series Episode 1

COVER will, over a number of episodes, be chatting about certain aspects of Life Insurance as part of a Life Insurance Podcast series in partnership with FMI.

We will be discussing among other things:

  • Why Life Insurance is important?
  • What products are out there?
  • The role of advisers in making sure the clients get the cover they need.

In this first episode of the series, COVER’s Tony van Niekerk chatted with Mapalo Makhu, author, award-winning personal finance coach, speaker and founder of the Woman & Finance platform and Brad Toerien, former CEO of life insurer FMI.

Tony started off the discussion by asking Mapalo and Brad, exactly how important is it to have Life Insurance, what should customers be looking for in life insurance and insurers and what trends are we seeing in the market place in regards to life insurance.

Tony then spoke about the fact that when we talk about the importance of Life Insurance we hear a lot about the insurance gap and the difference between the life insurance people need and the insurance that they have actually taken up. Tony asked Mapalo and Brad’s opinion on how they think we can get people to work with advisers to see how important this gap truly is, what they think the key questions customers should be asking their advisers in closing this gap and how as an industry we can work together to help people overcome it.

In summary: Many South Africans are under-insured, for various reasons. But before we try and educate customers, the industry has a huge job to do to rebuild the knowledge gap between advisers, the industry and the consumer – and an important part of that is for advisers to provide personal, tailored advice to their customers, instead of just selling them products.

Listen to the Podcast below:

In the next episode we’ll be looking at the notion of protecting your income first.

Listen to the rest of the episodes from the life insurance podcast series below:

Listen to Episode 2: The notion of protecting your income first

Listen to Episode 3: Insurance through your various life stages

Listen to Episode 4: Insurance fraud and non-disclosure

Listen to Episode 5: Life insurance advice from FMI

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